WPP plc (NYSE:WPP) Stake Cut by Bank of America Corp DE

Bank of America Corp DE lowered its stake in shares of WPP plc (NYSE:WPP) by 6.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 422,222 shares of the business services provider’s stock after selling 27,295 shares during the quarter. Bank of America Corp DE owned approximately 0.20% of WPP worth $21,702,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Vestmark Advisory Solutions Inc. raised its holdings in shares of WPP by 1.2% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 17,402 shares of the business services provider’s stock valued at $894,000 after buying an additional 207 shares during the last quarter. M&T Bank Corp raised its stake in WPP by 1.9% during the 4th quarter. M&T Bank Corp now owns 12,506 shares of the business services provider’s stock valued at $642,000 after acquiring an additional 228 shares in the last quarter. Stifel Financial Corp increased its holdings in shares of WPP by 0.4% during the fourth quarter. Stifel Financial Corp now owns 56,210 shares of the business services provider’s stock valued at $2,889,000 after purchasing an additional 247 shares during the period. Jones Financial Companies Lllp lifted its holdings in WPP by 2.5% in the fourth quarter. Jones Financial Companies Lllp now owns 10,231 shares of the business services provider’s stock worth $526,000 after purchasing an additional 249 shares during the period. Finally, Aaron Wealth Advisors LLC grew its position in WPP by 5.2% in the 4th quarter. Aaron Wealth Advisors LLC now owns 5,105 shares of the business services provider’s stock valued at $262,000 after buying an additional 251 shares in the last quarter. Institutional investors own 4.34% of the company’s stock.

WPP Trading Up 1.3%

NYSE:WPP opened at $40.29 on Tuesday. WPP plc has a 1-year low of $31.52 and a 1-year high of $57.37. The firm has a market capitalization of $8.69 billion, a price-to-earnings ratio of 6.75, a PEG ratio of 7.06 and a beta of 1.04. The business’s fifty day moving average price is $37.74 and its 200 day moving average price is $45.33.

WPP Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Monday, July 7th. Shareholders of record on Friday, June 6th will be given a $0.9728 dividend. This is a positive change from WPP’s previous semi-annual dividend of $0.95. This represents a yield of 6.2%. The ex-dividend date of this dividend is Friday, June 6th. WPP’s dividend payout ratio is presently 8.04%.

Analysts Set New Price Targets

WPP has been the subject of a number of research analyst reports. The Goldman Sachs Group began coverage on shares of WPP in a research report on Wednesday, March 26th. They issued a “neutral” rating on the stock. Barclays cut shares of WPP from an “overweight” rating to an “equal weight” rating in a report on Friday, February 28th. StockNews.com cut WPP from a “buy” rating to a “hold” rating in a report on Thursday, May 15th. Finally, Kepler Capital Markets upgraded WPP from a “hold” rating to a “buy” rating in a research report on Friday, January 24th. Three investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy”.

WPP Profile

WPP plc, a creative transformation company, provides communications, experience, commerce, and technology services in North America, the United Kingdom, Western Continental Europe, the Asia Pacific, Latin America, Africa, the Middle East, and Central and Eastern Europe. The company operates through three segments: Global Integrated Agencies, Public Relations, and Specialist Agencies.